BASF India Ltd on Wednesday said it has completed the sale of its construction chemicals business to Master Builders Solutions for a consideration of Rs 595.16 crore.

In February, the board of directors had approved divestiture of the construction chemicals business to Master Builders Solutions India Pvt Ltd.

The shareholders approved the divestiture at their general meeting held through postal ballot on April 21, 2020.

In a regulatory filing, BASF India said the "closing of the transaction has taken place and consequently, the company's construction chemicals business stands transferred to Master Builders Solutions India Pvt Ltd with effect from 1st July, 2020."

"The company has received an overall consideration of Rs. 595.16 crores towards the said divestiture," it added.